Weekly Mortgage Update, July 27, 2022

Here are today’s weekly mortgage interest rates for the week of July 27, 2022.

A few key mortgage interest rates have moved downward this week. But we are expecting a substantial increase in mortgage interest rates once the Federal Reserve announces its next interest rate hike.
The fed has been increasing interest rates to cool off inflation. Which at the moment looks like it’s still not under control.

Let’s take a look at the current mortgage interest rates.
The average 30-year fixed-rate mortgage currently sits at 5.70%
20-year mortgage rate: 5.59%
Today’s 15-year fixed mortgage rate is 4.87%
10-year fixed mortgage rates are averaging 4.82%
The average 5/1 adjustable mortgage currently sits at 4.19%

Here’s a tip if you’re still considering a mortgage and looking to buy a home in the next couple of months. Mortgage lenders’ rates can vary significantly. In order to get the best deal, shop around between a few different mortgage lenders. This will help you learn about the different mortgage programs and hopefully get you the lowest interest rate.